Lord Deighton is the former CEO of the London Organising Committee for the Olympic and Paralympic Games, and also served in the UK Government as treasury minister from 2012-15. Previously, he spent 27 years in banking, latterly as a partner at Goldman Sachs.
Lord Deighton said: "I look forward to working with the management team and my board colleagues to ensure that The Economist Group's business strategy and financial performance are successful and continue to support its outstanding journalism."
Chris Stibbs, chief executive of The Economist Group, said: “Rupert has been a fantastic chairman. As a former editor he knows the company well, and he has helped to steer it through unprecedented disruption to our industry. He also did much to secure the continued independence of The Economist in 2015, through the biggest change to our shareholder structure since 1928.
“We look forward to welcoming Paul as the next chairman. He brings vast experience from across the worlds of business and finance, as well as the highest levels of government. We look forward to working with him as we continue to build the future of the Group. He will be joining us at an exciting time, as The Economist reaches its 175th anniversary and the wider Group takes advantage of new opportunities.”